Binny & Smith
BNS
position
long
Chris Browne
Thesis
Binny & Smith was selling at under book value, had almost no debt, and was trading at around 5x earnings, which suggested a potential 20% return on debt-free equity. This made it an attractive investment opportunity.
Did it work?
inconclusive
confidence: low
Without specific price performance data or information on the time elapsed since the pitch, it's difficult to assess whether the investment thesis has played out. While the fundamentals mentioned (under book value, low debt, and low earnings multiple) suggest potential for appreciation, we cannot determine if these factors have led to a positive return or if the investment thesis remains valid. Therefore, the confidence in this assessment is low.
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